Survey from Saxo Markets: Only one in five UK residents say they will be able to pay their energy bills when costs increase again in October
A new survey commissioned by Saxo Markets finds that those living within the lowest annual earnings bracket are “more extremely affected” by cost of living.
Across the nation, almost 40% of people have stopped buying takeaways
One third have stopped going to pubs and restaurants altogether
One in five (19%) have admitted to skipping meals
While 36% have turned off their heating altogether and 13% have cancelled holidays to save money
Only one in five people in the UK believe they will be able to afford their gas and electricity bills when the energy price cap rises to an average £2,500 per household in October, a new nationwide survey has found.
The study, commissioned by investment platform Saxo Markets, has found the lowest earners across the country are feeling the increase in the cost of living the most.
Of the bottom earning bracket - £15,000-a-year or below, 29% admitted to being “extremely affected” by rising energy prices - compared to just nine percent of people earning over £55,000-a-year.
The survey of 2,013 participants asked what measures people have been taking to combat increasing costs.
One third (33%) admitted to stopping their visits to pubs and restaurants. While 40% said that they had completely cut out ordering takeaways.
More than one in three (36%) have turned off their heating altogether. And 6% of people admitted to cutting out showering, alongside 13% saying they had cancelled holidays.
Elsewhere, the majority of participants (44%) said that the cost of living crisis would affect the way they voted in the next General Election - with 31% saying it wouldn’t.
Results
The energy cap is predicted to increase again in October 2022 - taking the UK average monthly household dual bill as much as £2,500 a year. Could you afford this increase? | |
Yes | 20% |
No | 53% |
Don't know | 24% |
Have you had to take any of the following measures to save on your bills so far this year? (Please select all that apply) | |
Stopped takeaways | 38% |
Turned your heating off altogether | 36% |
Stopped buying clothes | 33% |
Stopped going to pubs/restaurants | 33% |
Used your savings | 28% |
None of the above | 23% |
Skipped a meal | 19% |
Sold belongings | 18% |
Cancelled holidays | 13% |
Grown food rather than bought | 7% |
Stopped showering | 6% |
Borrowed money from banks | 5% |
Sold your car | 4% |
Changed to renewable energy sources such as solar, water or fusion | 3% |
Called in sick to avoid travelling to work | 3% |
Had to move accommodation | 3% |
Prefer not to say | 3% |
Re-mortgaged | 2% |
*Results from a CensusWide survey on behalf of Saxo Markets. Censuswide abides by and employs members of the Market Research Society which is based on the ESOMAR principles. 2,013 UK adults surveyed 24/05/2022 - 27/05/2022
By Annual Earnings
Lowest EarnersOn a scale of 1-10, how much, if at all, have you been affected by the rise in energy prices? | |
| £15,000 or less |
1 – Extremely affected | 29% |
2 | 9% |
3 | 14% |
4 | 11% |
5 | 13% |
6 | 5% |
7 | 6% |
8 | 5% |
9 | 2% |
10 – Not affected at all | 5% |
Highest Earners
| £55,001 and over |
1 – Extremely affected | 9% |
2 | 5% |
3 | 22% |
4 | 13% |
5 | 14% |
6 | 8% |
7 | 11% |
8 | 13% |
9 | 6% |
10 – Not affected at all | 1% |
Saxo Markets comparison - January vs May
Saxo Markets commissioned a survey in January, which included two of the same questions.
Here’s a comparison:
Do you think you will be in a better or worse financial situation by the end of 2022?
January
Better financial situation | 21% |
Same financial situation | 36% |
Worse financial situation | 33% |
Unsure | 10% |
Better financial situation | 10% |
Same financial situation | 26% |
Worse financial situation | 56% |
Unsure | 8% |
On a scale of 1-10, how much, if at all, have you been affected by the rise in energy prices?
January
1 – Extremely affected | 15% |
2 | 5% |
3 | 12% |
4 | 12% |
5 | 16% |
6 | 10% |
7 | 10% |
8 | 9% |
9 | 3% |
10 – Not affected at all | 9% |
*Results from a CensusWide survey on behalf of Saxo Markets. Censuswide abides by and employs members of the Market Research Society which is based on the ESOMAR principles. 2,000 UK adults surveyed 28/01/22-02/02/22
May
1 – Extremely affected | 20% |
2 | 8% |
3 | 16% |
4 | 12% |
5 | 14% |
6 | 8% |
7 | 9% |
8 | 7% |
9 | 3% |
10 – Not affected at all | 4% |
*Results from a CensusWide survey on behalf of Saxo Markets. Censuswide abides by and employs members of the Market Research Society which is based on the ESOMAR principles. 2,013 UK adults surveyed 24/05/2022 - 27/05/2022
Anaam Raza, of investment platform Saxo Markets, said:
“The cost of living crisis is gripping the UK as almost all aspects of life are increasing in price, forcing millions of people to rethink their finances.
“With wholesale oil and gas prices remaining high, October’s increasing energy cap will hit people even harder – and, as the results of our survey show, those at the lower end of the ladder will likely feel the effects the most.
“Only one in five people have admitted that they will be able to pay this significant increase in energy costs - with the remaining 80% unsure or unable to pay their regular bills.
“The sacrifices being made to battle the cost of living have also come to light with a large proportion of the nation abandoning takeaways and nights out to save money.
“While in some more serious circumstances, people are now giving up showering, skipping meals and even selling their belongings to make ends meet.”
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